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VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY S&P 500 INDEX FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

AFLAC, INC. 249,089.72 0.09% AES CORP. 127,560.51 0.05% AT&T, INC. 1,509,050.52 0.56% 1,512,654.64 0.57% ABBVIE INC. 1,461,053.44 0.55% ABIOMED INC 103,932.63 0.04% INC 544,580.64 0.20% ADOBE INC 2,055,596.40 0.77% ADVANCE AUTO PARTS, INC. 98,672.34 0.04% , INC. 838,137.39 0.31% AGILENT TECHNOLOGIES, INC. 329,320.68 0.12% AIR PRODUCTS & CHEMICALS, INC. 467,480.00 0.17% AKAMAI TECHNOLOGIES, INC. 139,570.20 0.05% INC 55,123.34 0.02% ALBEMARLE CORP. 144,370.22 0.05% ALEXANDRIA REAL ESTATE EQUITIES, INC. 183,213.58 0.07% , INC. 298,161.33 0.11% INC 323,219.00 0.12% ALLIANT ENERGY CORP. 102,431.12 0.04% CORP. 286,707.12 0.11% ALPHABET INC - CLASS C 5,240,715.12 1.96% ALPHABET INC - CLASS A 5,393,914.11 2.02% ALTRIA GROUP, INC. 647,971.20 0.24% .COM, INC. 10,829,623.68 4.05% AMEREN CORP. 150,235.08 0.06% AMERICAN GROUP INC 99,899.10 0.04% CO., INC. 310,445.30 0.12% CO. 789,468.94 0.30% AMERICAN INTERNATIONAL GROUP, INC. 299,975.20 0.11% AMERICAN TOWER CORP. REIT 901,997.46 0.34% AMERICAN WATER WORKS CO., INC. 205,455.29 0.08% AMERISOURCEBERGEN CORP. 124,336.14 0.05% AMERIPRISE FINANCIAL, INC. 211,796.88 0.08% AMETEK, INC. 226,416.00 0.08% , INC. 1,028,381.25 0.38% AMPHENOL CORP. - CLASS A 300,251.49 0.11% , INC. 466,381.44 0.17% INC 222,118.40 0.08% ANTHEM INC 686,476.40 0.26% APA CORP 60,044.88 0.02% APPLE, INC. 15,777,244.16 5.90%

Page 1 of 13 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY S&P 500 INDEX FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

APPLIED MATERIALS, INC. 959,633.60 0.36% ARCHER-DANIELS-MIDLAND CO. 248,641.80 0.09% ARISTA NETWORKS INC 146,373.24 0.05% ASSURANT, INC. 69,500.10 0.03% ATMOS ENERGY CORPORATION 92,265.60 0.03% , INC. 471,710.40 0.18% AUTOMATIC DATA PROCESSING, INC. 620,687.50 0.23% AUTOZONE, INC. 237,262.98 0.09% AVALONBAY COMMUNITIES, INC. 213,907.25 0.08% AVERY DENNISON CORP. 128,246.40 0.05% BAKER HUGHES CO 122,171.54 0.05% BALL CORP. 195,339.22 0.07% CORP. 2,283,276.17 0.85% BANK OF MELLON CORP. 303,537.75 0.11% , INC. 297,286.50 0.11% BECTON DICKINSON AND CO. 519,453.84 0.19% WR BERKLEY CORP. 76,588.47 0.03% BERKSHIRE HATHAWAY, INC. - CLASS B 3,868,368.48 1.45% CO., INC. 188,222.26 0.07% BIO-RAD LABORATORIES INC 101,797.82 0.04% INC 382,974.62 0.14% BLACKROCK, INC. 911,718.74 0.34% CO. 967,103.72 0.36% INC 658,615.09 0.25% BORGWARNER, INC. 85,478.94 0.03% BOSTON PROPERTIES, INC. 119,517.37 0.04% BOSTON SCIENTIFIC CORP. 446,200.60 0.17% BRISTOL-MYERS SQUIBB CO. 1,096,182.10 0.41% BROADRIDGE FINANCIAL SOLUTIONS 137,785.09 0.05% BROADCOM INC 1,429,566.32 0.53% BROWN-FORMAN CORP. - CLASS B 100,494.54 0.04% INC 93,216.15 0.03% CBRE GROUP INC CL A 211,324.45 0.08% CDW CORP OF 179,889.50 0.07% CF INDUSTRIES HOLDINGS, INC. 81,033.75 0.03% CH ROBINSON WORLDWIDE, INC. 91,515.59 0.03% CIGNA CORP 597,416.40 0.22% CME GROUP, INC. 560,837.16 0.21% CMS ENERGY CORP. 125,604.08 0.05% CSX CORP. 535,286.88 0.20% CVS HEALTH CORP 806,697.92 0.30%

Page 2 of 13 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY S&P 500 INDEX FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

CABOT OIL & GAS CORP. 51,245.10 0.02% , INC. 279,523.26 0.10% CAESARS ENTERTAINMENT INC 159,048.75 0.06% CAMPBELL SOUP CO. 67,974.69 0.03% CAPITAL ONE FINANCIAL CORP. 512,952.04 0.19% CARDINAL HEALTH, INC. 121,658.79 0.05% CARMAX INC. 154,721.70 0.06% CARNIVAL CORP. 154,522.32 0.06% CARRIER GLOBAL CORP 291,551.40 0.11% CATALENT INC 135,258.12 0.05% CATERPILLAR, INC. 875,525.49 0.33% CELANESE CORPORATION 125,373.20 0.05% CENTENE CORP. 312,067.47 0.12% CENTERPOINT ENERGY, INC. 104,528.76 0.04% CORP. 172,968.08 0.06% CHARLES RIVER LABORATORIES INTERNATIONAL, INC. 136,500.48 0.05% INC 729,385.95 0.27% CHEVRON CORP. 1,486,679.56 0.56% CHIPOTLE MEXICAN GRILL, INC. 320,920.38 0.12% CHURCH & DWIGHT CO., INC. 153,481.22 0.06% CORP. 128,282.00 0.05% , INC. 1,640,244.00 0.61% CORP. 247,536.00 0.09% CITIGROUP, INC. 1,073,985.00 0.40% CITIZENS FINANCIAL GROUP INC 143,481.36 0.05% CITRIX SYSTEMS, INC. 106,950.24 0.04% CLOROX COMPANY 164,257.83 0.06% COCA-COLA CO. 1,541,972.67 0.58% TECHNOLOGY SOLUTIONS CORP. 268,243.98 0.10% COLGATE-PALMOLIVE CO. 505,427.55 0.19% CORP. - CLASS A 1,919,863.40 0.72% COMERICA, INC. 73,123.50 0.03% , INC. 128,239.50 0.05% CONOCOPHILLIPS 603,519.00 0.23% CONSOLIDATED EDISON, INC. 180,590.96 0.07% CONSTELLATION BRANDS, INC. - CLASS A 290,257.49 0.11% COOPER COMPANIES INC 143,449.74 0.05% INC 201,568.07 0.08% CORNING, INC. 232,680.10 0.09% CORTEVA INC 240,066.55 0.09% WHOLESALE CORP. 1,284,344.82 0.48%

Page 3 of 13 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY S&P 500 INDEX FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

CROWN CASTLE INTERNATIONAL CORP. 619,247.40 0.23% CUMMINS, INC. 261,851.94 0.10% DR HORTON, INC. 217,701.33 0.08% DTE ENERGY CO. 184,420.80 0.07% DXC TECHNOLOGY CO 72,856.74 0.03% DANAHER CORP. 1,251,094.32 0.47% DARDEN RESTAURANTS, INC. 140,296.39 0.05% DAVITA INC 62,021.45 0.02% DEERE & CO. 808,058.61 0.30% INC 203,192.22 0.08% DENTSPLY SIRONA INC 101,405.78 0.04% DEVON ENERGY CORP. 127,677.06 0.05% , INC. 303,170.00 0.11% DIAMONDBACK ENERGY INC 124,779.81 0.05% DIGITAL REALTY TRUST, INC. 311,151.28 0.12% WALT DISNEY CO/THE 2,345,299.11 0.88% SERVICES 264,851.31 0.10% DISCOVERY INC - A 38,012.52 0.01% DISCOVERY COMMUNICATIONS, INC. CLASS C 63,929.88 0.02% DISH NETWORK CORP 76,285.00 0.03% CORP 375,436.65 0.14% , INC. 169,448.50 0.06% DOMINION ENERGY, INC. 435,755.11 0.16% DOMINO'S PIZZA, INC. 132,949.65 0.05% DOVER CORP. 159,184.20 0.06% DOW INC 347,154.08 0.13% DUKE REALTY INVESTMENTS, INC. 130,401.90 0.05% CORP. 557,669.28 0.21% DUPONT DE NEMOURS INC 302,518.28 0.11% EOG RESOURCES, INC. 357,623.84 0.13% EASTMAN CHEMICAL CO. 117,100.25 0.04% EBAY, INC. 333,708.13 0.12% ECOLAB, INC. 376,307.19 0.14% EDISON INTERNATIONAL 161,086.52 0.06% EDWARDS LIFESCIENCES CORPORATION 472,797.05 0.18% , INC. 302,330.66 0.11% EMERSON ELECTRIC CO. 423,840.96 0.16% ENPHASE ENERGY INC 183,079.11 0.07% ENTERGY CORP. 146,957.80 0.05% EQUIFAX, INC. 214,121.94 0.08% INC 528,110.80 0.20%

Page 4 of 13 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY S&P 500 INDEX FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

EQUITY RESIDENTIAL (REIT) 194,579.00 0.07% ESSEX PROPERTY TRUST INC. 143,104.77 0.05% ETSY INC 192,048.72 0.07% EVERGY INC 101,764.12 0.04% EVERSOURCE ENERGY 202,365.28 0.08% CORP. 317,968.56 0.12% EXPEDIA GROUP INC. 170,094.69 0.06% OF , INC. 156,984.00 0.06% EXTRA SPACE STORAGE INC 160,871.24 0.06% EXXON MOBIL CORP. 1,961,157.20 0.73% FMC CORP. 102,357.20 0.04% INC 6,118,305.16 2.29% CO. 219,336.00 0.08% FEDERAL REALTY INVESTMENT TRUST 60,928.40 0.02% FEDEX CORP. 534,905.69 0.20% F5 NETWORKS, INC. 81,757.08 0.03% FIDELITY NATIONAL INFORMATION SERVICES, INC. 645,165.18 0.24% FIFTH THIRD BANCORP 197,649.10 0.07% FIRST REPUBLIC BANK/CA 241,823.64 0.09% , INC. 467,536.86 0.17% FIRSTENERGY CORP. 148,616.74 0.06% FLEETCOR TECHNOLOGIES, INC. 156,708.72 0.06% FORD MOTOR CO. 427,863.98 0.16% FORTINET INC 236,999.05 0.09% FORTIVE CORPORATION 173,373.64 0.06% FORTUNE BRANDS HOME & SECURITY INC. 101,303.37 0.04% FOX CORP - CLASS A 89,149.13 0.03% FOX CORP - CLASS B 39,283.20 0.01% FRANKLIN RESOURCES, INC. 63,980.00 0.02% FREEPORT-MCMORAN INC. 399,377.82 0.15% ARTHUR J GALLAGHER & CO. 210,820.40 0.08% GAP, INC. 51,316.25 0.02% GARTNER INC 153,070.40 0.06% GENERAC HOLDINGS INC 191,799.30 0.07% GENERAL DYNAMICS CORP. 316,465.06 0.12% GENERAL ELECTRIC CO. 867,739.28 0.32% GENERAL MILLS, INC. 272,905.47 0.10% GENERAL MOTORS CO. 554,718.75 0.21% GENUINE PARTS CO. 134,184.67 0.05% , INC. 634,200.60 0.24% GLOBAL PAYMENTS, INC. 406,586.72 0.15%

Page 5 of 13 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY S&P 500 INDEX FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

GLOBE LIFE INC 66,294.00 0.02% GOLDMAN SACHS GROUP, INC. 948,065.94 0.35% WW GRAINGER, INC. 140,598.00 0.05% HCA HEALTHCARE INC 399,008.20 0.15% HP INC 266,336.18 0.10% HALLIBURTON CO. 151,066.08 0.06% INC. 47,869.88 0.02% HARTFORD FINANCIAL SERVICES GROUP, INC. 162,547.31 0.06% HASBRO, INC. 88,848.80 0.03% HEALTHPEAK PROPERTIES INC 131,761.82 0.05% JACK HENRY & ASSOCIATES, INC. 89,276.46 0.03% HERSHEY CO. 187,243.50 0.07% HESS CORP. 176,037.12 0.07% HEWLETT PACKARD ENTERPRISES CO 139,822.20 0.05% HILTON WORLDWIDE HOLDINGS INC 246,667.90 0.09% HOLOGIC, INC. 125,567.04 0.05% HOME DEPOT, INC. 2,489,893.12 0.93% HONEYWELL INTERNATIONAL, INC. 1,118,904.35 0.42% HORMEL FOODS CORP. 98,842.50 0.04% HOST HOTELS & RESORTS, INC. 88,611.65 0.03% HOWMET AEROSPACE INC 98,963.37 0.04% HUMANA, INC. 419,255.84 0.16% J.B. HUNT TRANSPORT SERVICES, INC. 99,888.35 0.04% , INC. 154,629.72 0.06% HUNTINGTON INGALLS INDUSTRIES INC. 62,171.25 0.02% IPG PHOTONICS CORP 55,643.28 0.02% IDEX CORP 122,787.90 0.05% INC 395,350.30 0.15% TOOL WORKS, INC. 471,935.16 0.18% ILLUMINA, INC. 507,281.12 0.19% PHARMACEUTICALS, INC. 115,510.49 0.04% INGERSOLL-RAND INC 133,788.21 0.05% CORP. 1,664,775.56 0.62% INTERCONTINENTAL EXCHANGE INC 490,587.10 0.18% INTERNATIONAL BUSINESS MACHINES CORP. 961,923.58 0.36% INTERNATIONAL FLAVORS & FRAGRANCES, INC. 273,103.20 0.10% INTERNATIONAL PAPER CO. 176,388.87 0.07% INTERPUBLIC GROUP OF COS., INC. 93,863.61 0.04% , INC. 983,771.19 0.37% , INC. 800,086.80 0.30% IQVIA HOLDINGS INC 340,944.24 0.13%

Page 6 of 13 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY S&P 500 INDEX FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

IRON MOUNTAIN INC 89,718.40 0.03% JPMORGAN CHASE & CO. 3,457,654.20 1.29% JACOBS ENGINEERING GROUP, INC. 127,549.52 0.05% JOHNSON & JOHNSON 3,185,906.86 1.19% JUNIPER NETWORKS, INC. 65,831.45 0.02% KLA CORP 365,060.46 0.14% KANSAS CITY SOUTHERN 189,291.16 0.07% KELLOGG CO. 119,010.50 0.04% KEYCORP 147,172.55 0.06% KEYSIGHT TECHNOLOGIES INC 208,916.73 0.08% KIMBERLY-CLARK CORP. 331,506.84 0.12% KIMCO REALTY CORP. 66,365.55 0.02% KINDER MORGAN INC. 260,725.46 0.10% CO/THE 194,153.58 0.07% THE CO 213,003.60 0.08% L BRANDS, INC. 123,943.20 0.05% LKQ CORPORATION 100,458.02 0.04% L3HARRIS TECHNOLOGIES INC 325,305.75 0.12% LABORATORY CORP. OF AMERICA HOLDINGS 197,784.45 0.07% CORP. 681,282.90 0.25% LAMB WESTON HOLDING INC 86,628.84 0.03% LAS VEGAS SANDS CORP 127,088.28 0.05% ESTEE LAUDER COS., INC. - CLASS A 541,690.24 0.20% LEGGETT & PLATT, INC. 50,670.18 0.02% LEIDOS HOLDINGS INC 98,673.60 0.04% LENNAR CORP. - CLASS A 201,183.75 0.08% ELI LILLY & CO. 1,341,773.92 0.50% LINCOLN NATIONAL CORP. 82,571.76 0.03% LIVE NATION ENTERTAINMENT INC 92,932.99 0.03% LOCKHEED MARTIN CORP. 679,516.60 0.25% LOEWS CORP. 89,789.95 0.03% LOWE'S COS., INC. 1,006,898.27 0.38% LUMEN TECHNOLOGIES INC 99,274.95 0.04% M&T BANK CORP. 137,317.95 0.05% MGM RESORTS INTERNATIONAL 127,523.50 0.05% MSCI INC. COMMON 322,513.40 0.12% MARATHON OIL CORP. 78,832.56 0.03% MARATHON PETROLEUM CORP. 289,593.06 0.11% MARKETAXESS HOLDINGS INC 129,341.61 0.05% MARSH & MCLENNAN COS. 525,299.12 0.20% , INC. - CLASS A 267,715.72 0.10%

Page 7 of 13 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY S&P 500 INDEX FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

MARTIN MARIETTA MATERIALS, INC. 161,128.98 0.06% MASCO CORP. 109,808.24 0.04% MASTERCARD, INC. - CLASS A 2,345,338.16 0.88% PRODUCTS, INC. 207,664.56 0.08% MCCORMICK & CO., INC. 161,537.28 0.06% MCDONALD'S CORP. 1,265,825.20 0.47% MCKESSON CORP. 222,220.88 0.08% MERCK & CO., INC. 1,446,133.15 0.54% METLIFE, INC. 327,020.40 0.12% METTLER-TOLEDO INTERNATIONAL 236,893.14 0.09% CORP. 14,983,208.10 5.61% , INC. 300,827.66 0.11% , INC. 699,810.30 0.26% MID-AMERICA APARTMENT COMM 141,641.22 0.05% MOHAWK INDUSTRIES, INC. 82,641.70 0.03% MOLSON COORS BEVERAGE CO 74,253.27 0.03% INC 644,131.04 0.24% MONOLITHIC POWER SYSTEMS INC 118,010.20 0.04% CORP 248,197.95 0.09% MOODY'S CORP. 428,321.34 0.16% MORGAN STANLEY 1,002,263.39 0.38% THE MOSAIC CO. 80,987.58 0.03% SOLUTIONS, INC. 270,195.10 0.10% NRG ENERGY, INC. 72,419.10 0.03% NVR INC 124,332.50 0.05% NOV INC 43,953.08 0.02% INC 148,375.20 0.06% NETAPP, INC. 133,775.70 0.05% , INC. 1,719,851.76 0.64% NEWELL BRANDS INC 76,366.60 0.03% NEWMONT CORP 372,864.54 0.14% NEWS CORP 74,037.21 0.03% NEWS CORP CLASS B 21,768.90 0.01% NEXTERA ENERGY, INC. 1,055,525.12 0.40% NIKE, INC. - CLASS B 1,446,489.87 0.54% NISOURCE, INC. 70,560.00 0.03% NORFOLK SOUTHERN CORP. 487,823.58 0.18% CORP. 176,782.98 0.07% NORTHROP GRUMMAN CORP. 399,409.57 0.15% NORTONLIFELOCK INC 115,929.98 0.04% CORP. 210,854.14 0.08%

Page 8 of 13 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY S&P 500 INDEX FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

NVIDIA CORP. 3,660,457.50 1.37% O'REILLY AUTOMOTIVE, INC. 289,899.52 0.11% OCCIDENTAL PETROLEUM CORP. 192,904.63 0.07% OLD DOMINION FREIGHT LINE, INC. 177,152.40 0.07% OMNICOM GROUP INC. 126,304.21 0.05% ONEOK, INC. 182,054.08 0.07% ORACLE CORP. 1,038,463.44 0.39% ORGANON & CO 56,223.08 0.02% OTIS WORLDWIDE CORP 242,202.74 0.09% PNC FINANCIAL SERVICES GROUP, INC. 595,171.20 0.22% PPG INDUSTRIES, INC. 295,569.57 0.11% PPL CORP. 158,030.50 0.06% PVH CORP 56,269.57 0.02% PTC INC. 109,052.72 0.04% , INC. 227,498.25 0.09% PACKAGING CORP OF AMERICA 94,523.16 0.04% PARKER HANNIFIN CORP. 291,140.28 0.11% , INC. 252,691.50 0.09% PAYCOM INC 131,212.67 0.05% PAYPAL HOLDINGS INC 2,514,597.96 0.94% PENN NATIONAL GAMING, INC. 83,450.59 0.03% PEOPLE'S UNITED FINANCIAL, INC. 53,819.60 0.02% PEPSICO, INC. 1,503,332.82 0.56% PERKINELMER, INC. 127,079.43 0.05% , INC. 1,609,789.28 0.60% PHILIP MORRIS INTERNATIONAL, INC. 1,134,313.95 0.42% PHILLIPS 66 275,997.12 0.10% PINNACLE WEST CAPITAL CORP. 67,871.16 0.03% PIONEER NATURAL RESOURCES CO. 276,609.04 0.10% POOL CORPORATION 135,304.70 0.05% T ROWE PRICE GROUP, INC. 329,818.02 0.12% PRINCIPAL FINANCIAL GROUP, INC. 117,407.02 0.04% PROCTER & GAMBLE CO. 2,425,906.47 0.91% PROGRESSIVE CORP. 422,008.37 0.16% PROLOGIS INC 649,406.49 0.24% PRUDENTIAL FINANCIAL, INC. 296,445.71 0.11% PUBLIC SERVICE ENTERPRISE GROUP, INC. 221,575.66 0.08% PUBLIC STORAGE 336,171.42 0.13% PULTEGROUP, INC. 105,974.94 0.04% QORVO INC 161,802.55 0.06% , INC. 1,184,032.12 0.44%

Page 9 of 13 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY S&P 500 INDEX FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

QUANTA SERVICES, INC. 92,653.11 0.03% QUEST DIAGNOSTICS, INC. 126,559.23 0.05% RALPH LAUREN CORP. 41,704.74 0.02% RAYMOND JAMES FINANCIAL INC. 116,650.20 0.04% RAYTHEON TECHNOLOGIES 949,159.06 0.36% CORP. 183,067.82 0.07% CORP. 74,321.20 0.03% REGENERON PHARMACEUTICALS INC 429,517.26 0.16% REGIONS FINANCIAL CORP. 142,450.62 0.05% REPUBLIC SERVICES, INC. 170,075.46 0.06% RESMED INC 263,529.88 0.10% ROBERT HALF INTERNATIONAL, INC. 73,667.16 0.03% ROCKWELL AUTOMATION, INC. 243,689.04 0.09% ROLLINS INC 55,609.20 0.02% ROPER TECHNOLOGIES INC 363,464.60 0.14% , INC. 324,756.00 0.12% S&P GLOBAL INC 726,086.05 0.27% SBA COMMUNICATIONS CORP 255,916.10 0.10% SVB FINANCIAL GROUP 222,015.57 0.08% SALESFORCE.COM, INC. 1,661,036.00 0.62% HENRY SCHEIN, INC. 76,638.27 0.03% SCHLUMBERGER LIMITED 328,710.69 0.12% THE CHARLES SCHWAB CORP. 801,929.34 0.30% CORP. 66,123.00 0.02% SEMPRA ENERGY 306,558.72 0.11% SERVICENOW INC 796,847.50 0.30% SHERWIN-WILLIAMS CO. 478,967.10 0.18% SIMON PROPERTY GROUP, INC. 314,848.24 0.12% INC 232,401.00 0.09% AO SMITH CORP. 71,123.22 0.03% JM SMUCKER CO. 104,303.85 0.04% SNAP-ON, INC. 88,701.71 0.03% SOUTHERN CO. 470,404.74 0.18% CO. 230,569.87 0.09% STANLEY BLACK & DECKER, INC. 243,118.14 0.09% CORP. 967,491.93 0.36% CORP. 210,143.12 0.08% STRYKER CORP. 625,170.11 0.23% , INC. 308,884.80 0.12% SYNCHRONY FINANCIAL 192,721.44 0.07% SYSCO CORP. 292,106.75 0.11%

Page 10 of 13 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY S&P 500 INDEX FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

TJX COS., INC. 597,071.52 0.22% T-MOBILE US INC 623,348.32 0.23% TAKE-TWO INTERACTIVE SOFTWARE 150,289.98 0.06% TAPESTRY INC 89,047.04 0.03% TARGET CORP. 878,241.42 0.33% TELEDYNE TECHNOLOGIES INC 142,821.03 0.05% TELEFLEX, INC. 137,813.97 0.05% TERADYNE, INC. 163,565.16 0.06% TESLA INC 3,847,102.00 1.44% INSTRUMENTS, INC. 1,304,178.60 0.49% TEXTRON, INC. 114,020.66 0.04% THERMO FISHER SCIENTIFIC, INC. 1,455,900.42 0.54% 3M CO. 845,567.91 0.32% TRACTOR SUPPLY CO. 157,406.76 0.06% TRANSDIGM GROUP INC 260,857.87 0.10% TRAVELERS COMPANIES INC 276,514.37 0.10% TRIMBLE INC. 150,812.69 0.06% CORP 548,118.00 0.21% TWITTER INC 403,295.41 0.15% TYLER TECHNOLOGIES INC 135,258.63 0.05% TYSON FOODS, INC. - CLASS A 159,690.40 0.06% UDR INC 106,776.40 0.04% US BANCORP 567,136.35 0.21% ULTA BEAUTY INC 138,999.54 0.05% UNDER ARMOUR INC 29,292.75 0.01% UNDER ARMOUR INC -CLASS C 26,796.51 0.01% UNION PACIFIC CORP. 1,072,818.54 0.40% HOLDINGS INC 124,241.04 0.05% , INC. 1,104,736.64 0.41% UNITED RENTALS, INC. 169,713.32 0.06% UNITEDHEALTH GROUP, INC. 2,775,049.20 1.04% UNIVERSAL HEALTH SERVICES 83,904.39 0.03% UNUM GROUP 42,600.00 0.02% VF CORP. 193,696.44 0.07% VALERO ENERGY CORP. 234,396.16 0.09% VENTAS, INC. 157,310.50 0.06% , INC. 165,758.32 0.06% VERIZON COMMUNICATIONS, INC. 1,703,480.09 0.64% INC 207,916.80 0.08% VERTEX PHARAMACEUTICALS INC. 383,298.63 0.14% VIACOMCBS INC CL B 201,004.40 0.08%

Page 11 of 13 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY S&P 500 INDEX FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

VIATRIS INC 126,838.04 0.05% VISA INC. - CLASS A 2,904,979.68 1.09% VORNADO REALTY TRUST 53,810.51 0.02% VULCAN MATERIALS CO. 169,544.18 0.06% WEC ENERGY GROUP 206,008.20 0.08% WABTEC CORP 107,401.50 0.04% WALMART INC. 1,421,904.66 0.53% ALLIANCE INC 277,202.09 0.10% WASTE MANAGEMENT, INC. 399,593.72 0.15% WATERS CORP. 156,561.33 0.06% & CO. 1,374,823.24 0.51% WELLTOWER INC 254,784.60 0.10% WEST PHARMACEUTICAL SERVICES, INC. 194,632.20 0.07% WESTERN DIGITAL CORP. 160,132.50 0.06% WESTERN UNION CO. 69,024.85 0.03% WESTROCK COMPANY 103,991.88 0.04% WEYERHAEUSER CO. 189,378.84 0.07% WHIRLPOOL CORP 100,289.20 0.04% WILLIAMS COS., INC. 236,852.55 0.09% WYNN RESORTS LIMITED 94,537.90 0.04% , INC. 260,357.76 0.10% , INC. 261,075.20 0.10% XYLEM INC. 158,587.12 0.06% YUM! BRANDS, INC. 251,685.64 0.09% CORP 208,089.57 0.08% ZIMMER BIOMET HOLDINGS INC 246,215.42 0.09% 63,590.58 0.02% ZOETIS INC 649,837.32 0.24% S&P 500 EMINI FUTURE SEP21 º 9/20/2021 48,411.63 0.02% ALLEGION PLC 92,077.30 0.03% AMCOR PLC 129,750.12 0.05% AON PLC 395,625.32 0.15% ACCENTURE PLC 1,376,079.72 0.51% EATON CORP PLC 433,574.68 0.16% EVEREST RE GROUP LTD. 74,090.94 0.03% IHS MARKIT LTD 309,927.66 0.12% INVESCO LIMITED 74,282.67 0.03% JOHNSON CONTROLS INTERNATIONAL PLC 361,199.69 0.14% LINDE PLC 1,104,362.00 0.41% MEDTRONIC PLC 1,226,404.40 0.46% APTIV PLC 312,457.38 0.12%

Page 12 of 13 VICTORY FUND HOLDINGS As of June 30, 2021

VICTORY S&P 500 INDEX FUND

MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) %

NIELSEN HOLDINGS PLC 64,956.11 0.02% NORWEGIAN CRUISE LINE HOLDINGS LTD 79,906.97 0.03% SEAGATE TECHNOLOGY HOLD 128,553.66 0.05% PENTAIR PLC 82,405.29 0.03% STERIS PLC 147,917.10 0.06% TRANE TECHNOLOGIES PLC 323,349.84 0.12% WILLIS TOWERS WATSON PLC 217,828.94 0.08% PERRIGO CO PLC 44,978.85 0.02% FUTURES COLLATERAL 4/1/2042 407,975.94 0.15% CHUBB LIMITED 524,819.88 0.20% GARMIN LTD 159,248.64 0.06% TE CONNECTIVITY LTD. 327,884.25 0.12% LYONDELLBASELL INDUSTRIES NV 194,527.17 0.07% NXP SEMICONDUCTOR NV 416,583.00 0.16% ROYAL CARIBBEAN CRUISES LTD. 137,130.24 0.05% 100.00%

º Future/centrally cleared swap security holding where amount and percentage reflected as Traded Market Value (Base) and Traded Market Value (Base) % is based on the unrealized gain/loss as of the reporting period.

Portfolio holdings are subject to change, are unaudited, and do not represent any type of recommendation. The Funds are distributed by Victory Capital Services, Inc. Shares of the Fund may be subject to sales charges and other fees. Carefully consider a fund's investment objectives, risks, charges and expenses before investing. To obtain a prospectus or summary prospectus containing this and other important information, visit www.vcm.com/prospectus. Read it carefully before investing.

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